If a project has not been completed before the issuance of a permit to sell time shares, the public offering statement must state the estimated date of completion and:
1. The developer shall establish to the satisfaction of the Administrator that a bond has been issued in an amount necessary to assure completion of the project free of any liens, which remains in effect until the project is completed free of all liens;
2. A cash deposit to cover the estimated costs of completing the project must be deposited with an escrow agent under an agreement which is approved by the Administrator; or
3. The developer shall make any other arrangement which is approved by the Administrator and necessary to safeguard the interests of the public.